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News Breaks | | | | February 19, 2013 | | 07:01 EDT |  | CEDC | Mark Kaufman says 'ready to commit' $75M to CEDC
Mark Kaufman, in a letter to CEDC's board disclosed in a regulatory filing, stated, "I am aware that you and your advisors are actively looking for a solution to address the problem of the Convertible Notes due 15th March 2013. As I wrote in several public communications over the past two years, I have genuine confidence in the underlying potential of Central European Distribution Corporation. I believe CEDC could be an attractive opportunity for several financial or strategic investors under normalized circumstances. At this critical stage, I wish to work with CEDC to sponsor a restructuring plan to put an end to CEDC’s balance sheet crisis, and take an active role in the future turnaround of the Company. As part of the Plan, I am ready to commit personal funds, immediately available in cash, of up to USD 75 million." Kaufman added that with improved management, he believes $150M-$175M is a realistic EBIDTA target for 2015 for CEDC. | |
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